JOHANNESBURG (Reuters) -The South African rand was steady in early trade on Tuesday amid a flurry of economic data from the central bank, revenue service agency, National Treasury and statistics agency.
At 0657 GMT the rand traded at 17.2350 against the dollar, near Monday’s closing level and at its strongest level in 12 months.
Data from the South African Reserve Bank (SARB) showed that M3 money supply growth last month was at 6.18%, down from 6.75% in July. Credit growth for August came in at 5.86%, just above July’s 5.84% and exceeding the 5.20% forecast in a Reuters poll.
The SARB is expected to release its quarterly bulletin at around 0800 GMT, offering insight into second-quarter foreign direct investment and portfolio flows.
Statistics South Africa will follow with formal sector employment data which excludes the agricultural sector at around 0930 GMT, and investors were also watching for August’s budget and trade balance data from the National Treasury and the South African Revenue Service.
In fixed income, government bonds strengthened in early deals, as the yield for debt maturing in 2035 fell 3 basis points to 9.125%.
(Reporting by Sfundo Parakozov; Editing by Timothy Heritage)
